Origin Energy September 2019 Quarterly Report
Integrated Gas: solid production, revenue up 7 per cent year-on-year
· Australia Pacific LNG year-on-year production rose 3 per cent, driven by higher well availability and the Eurombah Reedy Creek InterConnect pipeline coming online.
· Integrated Gas revenue increased 7 per cent in the quarter to $688 million driven by higher effective Australian dollar oil prices and increased LNG volumes.
· 31 LNG cargoes were loaded and shipped.
· Beetaloo exploration restarted with the Kyalla well spudded on 9 October.
Energy Markets: electricity and gas sales volumes down year-on-year, consistent with FY2020 EBITDA guidance
· Electricity sales were flat quarter on quarter but down 8 per cent year-on-year primarily due to lower Business sales and lower Retail customer numbers and usage.
· Natural gas volumes were down 7 per cent year-on-year, primarily due to the non-recurrence of short-term wholesale contracts in Queensland, partially offset by higher volumes directed to generation.
Origin CEO Frank Calabria said, “Australia Pacific LNG continues to perform strongly with production rising during the quarter and higher oil prices lifting revenues.
“After a three-year hiatus, we reached a major milestone in our Beetaloo exploration project with the spudding of the Kyalla 117 well earlier this month.
“Consistent with our FY2020 guidance for the Energy Markets business, electricity sales volumes were lower as a result of expiration of Business contracts and in our Retail segment, lower customer usage and a decline in customer numbers.
“Seasonal demand saw gas sales volumes rise by 18 per cent compared to the prior quarter, partly driven by Darling Downs Power Station coming back online, supporting our ability to deliver reliable supply to the market,” Mr Calabria said.
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